Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55: 22:23, respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ $ Division of Net Income Filbert $ $ Witten $ $ Total

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the
division of net income to each partner, assuming the income ratio is 55:22:23, respectively.
Salary
allowance
Remaining
income
Total
division of
net
income
$
$
Pitts
$
$
Division of Net Income
Filbert
$
$
Witten
$
$
Total
Transcribed Image Text:Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ $ Division of Net Income Filbert $ $ Witten $ $ Total
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